Elliott, Patient Square, Veritas agree to Syneos take-private; LightBay hits hard cap on Fund II

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Elliott, Patient Square, Veritas agree to Syneos take-private; LightBay hits hard cap on Fund II

Morning Hubs!
This is Chris, on for Wire Wednesday.
A quick reminder that we are putting together our annual emerging manager project, mostly focusing on first-timers, but also funds II and III. The package explores challenges faced by emerging managers in today’s market, and as always, includes our home-grown database of mostly first-time funds in the market.
If you have thoughts on interesting new PE names we should include, hit me up at [email protected].
Speaking of, below you’ll find some news about one of the newer names in the industry that has reached final close on their sophomore pool.
But first …
Big one: This just crossed the wire this morning – Syneos Health, a contract research organization, agreed to be acquired by an investor consortium in an all-cash deal for about $7.1 billion, including outstanding debt. The consortium, comprising Elliott Investment Management, Patient Square Capital and Veritas Capital, is offering $43 per share, a 24 percent premium over the closing share price on Feb. 13, 2023.
Some numbers: DC Advisory sees improvements in the deal environment, with continued strength in the second quarter around infrastructure, defense, education, healthcare, tech and ESG-related sectors. Transactions in other sectors could potentially increase over the summer, the advisor said.
“2023 deal activity is likely to increase sequentially as fierce competition returns to the mid-market, especially for exceptional assets and the now attractive smaller ‘bite size’ yet high quality situations, leading the way back,” according to DC Advisory’s US PE Mid-Market Monitor report.
Final: As mentioned above, one of the newer managers we’ve been tracking has closed its second fund. LightBay Capital, led by former Ares executives, closed Fund II on just over $1 billion, beating its $800 million target. Read more here on Buyouts.

That’s it for me! Have a great rest of your Wednesday. Reach me at [email protected] or LinkedIn with tips n’ gossip, feedback or Drama situations. Or of course book recommendations! I’m just finishing up a re-reading of Bleak House.

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

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Led by the US and the UAE, the Agricultural Innovation Mission for Climate summit in Washington DC this week will try to promote agtech investment and public-private collaboration, but fitting the ‘puzzle pieces’ together is a work in progress. (Agri Investor)
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Apollo Global Management expects to wrap up fundraising for its 10th flagship vehicle over the summer, the firm revealed on its first-quarter 2023 results on Tuesday. It expects to raise less than the $25 billion it set out to gather initially. (Private Equity International)
17Capital announced that it has hired Alejandro Hernandez as its first-ever head of investor relations for Canada and Latin America. Hernandez’s background includes more than 20 years working for two prominent Canadian pension systems. (Private Funds CFO)
Switzerland-headquartered secondaries firm Montana Capital Partners is set to open a New York office, and has hired former Newbury Partners director and investment committee member David Overton to lead it. (Secondaries Investor)